https://www.taxtmi.com/caselaws?id=395543 Unpaid service tax collected and retained beyond the prescribed time was disallowable under section 43B even though it was credited to a liability account and not routed through the profit and loss account. The interest disallowance on funds allegedly diverted to sister concerns required fresh verification, because the record did not clearly establish the availability of own funds or the nexus with borrowed funds; the matter was remitted for examination of cash flow statements and supporting material. Depreciation on the undivided share of land purchased with an apartment was not allowable, since land is not a depreciable asset under section 32. en-us Tue, 19 May 2020 00:00:00 +0530 Wed, 27 May 2020 11:30:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395543 Unpaid service tax collected and retained beyond the prescribed time was disallowable under section 43B even though it was credited to a liability account and not routed through the profit and loss account. The interest disallowance on funds allegedly diverted to sister concerns required fresh verification, because the record did not clearly establish the availability of own funds or the nexus with borrowed funds; the matter was remitted for examination of cash flow statements and supporting material. Depreciation on the undivided share of land purchased with an apartment was not allowable, since land is not a depreciable asset under section 32. Case-Laws Income Tax Tue, 19 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395543